DocuTech Corp., a provider of compliance services and documentation technology for the mortgage industry, has released the latest version of ConformX, which generates compliant closing documents from any Internet connection.
The most significant changes to ConformX come in the user interface, which provides lenders more automation and fewer screens to complete closing documents. The upgrade pulls data directly from a lender's loan origination system and runs data integrity, high-cost checks and predatory lending checks on the loan.
According to the company, this change eliminates the need for repetitive data re-entry and ensures that all loans are properly disclosed and compliant with investor, state or federal requirements. DocuTech's legal compliance staff automatically updates the program with new regulations, eliminating time-consuming document maintenance.
ConformX also supports the shift to electronic and paperless mortgages. The application can generate both eSign PDF documents and Category 1 SMART documents, the format accepted by Fannie Mae and Mortgage Electronic Registration System. ConformX also reduces the time spent on documents by utilizing electronic delivery for disclosures and sending documents to the title company, DocuTech adds.
Source: DocuTech